Portugal Telecom (PT) announces the acquisition of a 100% equity stake in GPTI, SA (GPTI). GPTI is a solid player, with 19 years of history, in the IS/IT services market in Brazil. GPTI has a strong customer base and about 75% of its revenues in 2009 (R$140 million) is derived from recurring contracts. The acquisition will be carried out through the issuance of shares of Dedic, a 100% owned PT subsidiary that operates in the contact centre business in Brazil. Following the acquisition, current shareholders of GPTI will hold a 12.5% stake in Dedic. Depending on the operational and financial performance of the acquired company in 2010 and 2011, this stake may range from 5% to 20%. The financial debt of GPTI amounts to R$ 80 million.
This acquisition is part of PT's strategy to consolidate and strengthen its presence in Brazil and invest in assets where PT can add value and that can complement PT’s existing portfolio. The acquisition of GPTI and integration into Dedic also allows PT to create an integrated player in the IS/IT and BPO (business process outsourcing) sectors in Brazil, develop expertise in an area closely related to telecommunications and strengthen the business relationship with relevant Brazilian partners. This acquisition will also allow for sharing of synergies and best practices with the IS/IT activities in Portugal.
This acquisition has been approved by the Board of Directors of PT and is conditional, namely, upon the approval of the Brazilian authorities.